Alibaba gets CCI nod for acquiring 4.14% stake in Snapdeal

Alibaba Group executive chairman Jack Ma addresses a gathering at an event organised by Ficci in New Delhi. (Reuters Photo)Chinese e-commerce giant Alibaba has received anti-trust regulator CCI's approval for buying 4.14% stake in Snapdeal.

Competition Commission of India (CCI) has approved the "acquisition of approximately 4.14% equity share capital of Jasper Infotech by Alibaba group", the regulator said in a tweet. Jasper Infotech owns Snapdeal.

Approval is required from CCI, which keeps a tab on unfair business practices, for acquisitions beyond a certain threshold. It was announced in August that Alibaba Group and Taiwan-based Foxconn Technology, among others, would invest $500 million (about Rs 3,269 crore) in Snapdeal.

At that time, Jasper did not specify the individual investments being made while FIH Mobile Ltd - a unit of Foxconn - had said that it was picking up 4.27% stake in the company for $200 million.